Bitcoin price smashes past $7,000 level for the first time

Finance


A number of regulators have warned of illicit activity surrounding cryptocurrencies like bitcoin.

In September, China banned a practice known as “initial coin offerings” (ICOs). An ICO is a crowdfunding method for firms to raise funds by selling new cryptocurrencies.

China’s regulators also moved to close down domestic bitcoin exchanges later that month. Both measures sent the price of bitcoin down sharply.

And on Wednesday, the U.S. Securities and Exchange Commission said that celebrity endorsements of ICOs could be “unlawful” if they do not disclose how they are benefiting.

Banking executives like JPMorgan CEO Jamie Dimon and Blackrock CEO Larry Flint have also criticized the cryptocurrency.

Dimon has made several comments on bitcoin, and last month said that investors “stupid enough to buy bitcoin” would “pay the price for it one day.”

Flint called the virtual currency an “index of money laundering” that same day, raising concerns over fraudulent activity.

– CNBC’s Arjun Kharpal and Evelyn Cheng contributed to this report



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